When you beat the game, you get a replay option. Go into the replay option and when James is walking down the hill in the very beginning of the game, near the Silent Hill Ranch theres a mysterious pile of logs that appear! Go to it to obtain the chainsaw.

Hyper Spray

Beat the game 2 times with the same ending type and on the 3rd time, it's in the motor home on south side.

Bonus Riddle Mode

Beat the game using all three Riddle Difficulty settings to unlock a fourth difficulty.

New Options

Once you beat the game you will find new options in the Options menu including Bullet Adjust (gives you x2 or x3 bullets when finding ammo- say for example you get 12 bullets, if you set it to x2 you would get 24) and and option the lets you turn off the noise filters.